Westcoast Wills & Estates offers unparalleled service and is committed to providing each client with the personal attention that they need to successfully plan for their future. The most important estate planning goals are protecting what you have earned and providing for the ones you choose.
Westcoast Wills & Estates’ central mission is to ensure that your estate plan accurately reflects your desires and safeguards your wealth. Click on the following to find out more:
Q. What are trusts and why are they useful?
- A “Trust” is the description of a relationship where one person called the trustee holds assets for the benefit of someone else, called the beneficiary. There can be more than one trustee and more than one beneficiary, and sometimes the trustee and beneficiary are the same person. Technically speaking, the ownership of the assets in a trust are split, with the trustee owning the legal interest and the beneficiary owning the equitable (beneficial) interest. The trustee has a fiduciary duty towards the beneficiary, which means that they must act in good faith and in the best interests of the trust.
- Trusts can be useful for a broad variety of purposes. Tax deferral, tax savings, administering assets for minor children and incapable adults, and protecting assets from potential claims by family members and future creditors are among the common purposes that people choose to establish trusts in the estate planning context. Westcoast Wills can help you determine if a trust is right for you.